Sat.Sep 17, 2022 - Fri.Sep 23, 2022

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Tip: Is Your Customer Telling You the Truth, or Trying to Deceive You – Ten Things You Can Do to Find Out

AGA

Originally published in CreditToday. Anyone involved in trade collections has, or eventually will, encountered a customer who is hiding something and trying to deceive you. We may be heading for hard times this coming year, particularly with smaller businesses we sell to. That makes it more likely you will be hearing reasons invoices are not being paid that may be deceptive, off-putting, or simply untrue.

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How To Know the Difference Between Legitimate Debt Collection Company and Scams?

Taurus Collect

Dealing with debt collection issues can be overwhelming, especially when you are unsure if the person contacting you is legitimate or a scammer. When an account becomes past due, your creditor may attempt to collect the amount owed or hire a debt collection agency. While there are several legitimate debt collection agencies in the industry, you should not overlook the chances that a scammer might try to take advantage of your debts.

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Financial Situation Worsening for Consumers

Account Recovery

The number of people for whom their financial situation has worsened is outpacing the number of people for whom their financial situation has improved two-to-one, according to data released following a nationwide poll. The number of people who said their financial situation has gotten worse is up to 37%, from 290% in February, while the … The post Financial Situation Worsening for Consumers appeared first on AccountsRecovery.net.

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Business Grants Are ‘Just Not That Easy’: 5 Tips to Help

Nerd Wallet

Business grants may seem like the holy grail for small-business owners, since they offer cash you don’t have to pay back. But finding one can feel as futile as searching for lost treasure. “Everybody wants to know: How do I get free money for my business?” says Jenn Steinfeld, director of entrepreneurship and economic development. Rosalie Murphy writes for NerdWallet.

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

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Nevada Bill Adopts Uniform Money Transmission Modernization Act

Troutman Sanders

On September 16, the Nevada Financial Institutions Division (NFID) introduced a bill draft request to the Nevada Legislature for the 2023 legislative session. If passed, the bill will adopt the Model Money Transmission Modernization Act (Act) into Nevada’s money transmission law. We previously blogged on the Act here. The language of the bill has not yet been published.

More Trending

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New Trend Accusing Collectors of Ignoring Cease Communication Requests

Account Recovery

EDITOR’S NOTE: This article is part of a series that is sponsored by WebRecon. WebRecon identifies serial plaintiffs lurking in your database BEFORE you contact them and expose yourself to a likely lawsuit. Protect your company from as many as one in three new consumer lawsuits by scrubbing your consumers through WebRecon first. Want to learn more? Call … The post New Trend Accusing Collectors of Ignoring Cease Communication Requests appeared first on AccountsRecovery.net.

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Fed Boosts Rates Yet Again, Pushing Down Home Affordability

Nerd Wallet

The Federal Reserve continued to shout from the rooftops Wednesday that it will do what it takes to get inflation under control. The central bank raised the overnight federal funds rate by 0.75 percentage point, an action that will raise the floor under other interest rates. By making it more expensive to borrow money, the. Holden Lewis writes for NerdWallet.

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CFPB Launches Effort to Spur New Opportunities for Homeowners in the Mortgage Market

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) is asking for public input on ways to spur new mortgage products that help households.

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What Makes an Effective Compliance Strategy for Collections?

True Accord

Creating an effective compliance strategy is a crucial component of a business’s chance of success. Debt collection is highly regulated and must adhere to different regulations and laws like the FDCPA, Regulation F, and unique state laws—including regulations that may not be specifically focused on debt collection but still apply to the practice. Noncompliance with laws and regulations that govern or even parallel an industry can result in unhappy customers, litigation, reputational risks and/or

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When It Comes to Collections Software, “Good Enough” Isn’t Good Enough

Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.

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Halsted Financial Services Partners with Prodigal to Elevate Customer Experiences

Account Recovery

By: Pran Navanandan, Founder of Halsted Financial CHICAGO, IL and MOUNTAIN VIEW, CA, and Sept. 21, 2022 – At Halsted, we place a high value in our conversations. What else can tell us what borrowers experience, and how we can help them reach a resolution? To continue the effort to humanize each conversation, we recognized we … The post Halsted Financial Services Partners with Prodigal to Elevate Customer Experiences appeared first on AccountsRecovery.net.

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Unlock the College Financial Aid You Need Starting Oct. 1

Nerd Wallet

Despite the headlines, college is still the surest path toward better lifelong earnings. But a degree is far more likely to pay off if you haven’t borrowed a small fortune to get it. The Free Application for Federal Student Aid, or FAFSA, is a key step in making college affordable. Applications for the 2023-24 school. Cecilia Clark writes for NerdWallet.

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Importance of Signing an Operating Agreement for Your LLC

Fraser

So, you and your little sister, Rachel, finally started that mitten-shaped decorative soap business you’ve always talked about – Nice! And your friend’s brother’s buddy helped you file for an LLC through the State of Michigan’s website and sent you the link to obtain an EIN from the IRS because the banks said you needed it to open a checking account.

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Company Insolvency rate rises by 72% over past year

UK debt collections

Company insolvency rates in the United Kingdom have risen by 72% in the past year. it is reported that 20,000 companies have gone out of business according to analysis from audit, tax and advisory firm Mazars. The figures show that company insolvencies increased over the past year from 11,949 to 20,512. The latest Insolvency Service figures indicated that 1,933 companies entered insolvency with pubs, bars and restaurants in the hospitality sector being the most affected.

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10 Ways to Improve Payment Collections with Salesforce

For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.

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Getting to Know Kristina Hughes of Receive Revenue Recovery

Account Recovery

The “Getting to Know” series is sponsored by Applied Innovation. Applied Innovation is helping to shape the future of accounts receivable management. Product development is driven by customer feedback, agency profitability and compliance and includes platforms addressing client portal access, document management, payment negotiation, Regulation E focused electronic payment authorizations and TCPA communication authorization platforms. … The post Getting to Know Kristina Hughes

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Is a Used Electric Vehicle a Bargain or a Trap?

Nerd Wallet

You’ve probably heard the horror stories of crazy-high battery replacement costs for electric cars. Fears of battery failure, limited range and high purchase prices might make you wonder if buying a used EV is a smart decision. This answer is, it depends — it depends on the condition of the EV you choose and how. Philip Reed writes for NerdWallet. Email: articles@nerdwallet.com.

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Why Do Merchant Cash Advance Companies Record Judgments In NY?

FFGN COLLECT NY

Merchant cash advance agreements are drafted in a way that offers an advantage to the lender. Since the documents anticipate a default in payment by the buyer, why then do merchant cash advance companies record judgments in New York? In the past, merchant cash advance companies and other lenders required their clients to sign a confession of judgment that could, in the event of default, be entered in New York without any further notice if and when the default occurred.

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Retain and Grow Deposit Market Share as Interest Rates Rise

Fico Collections

Home. Blog. FICO. Retain and Grow Deposit Market Share as Interest Rates Rise. For deposit-taking institutions, a rising-rate environment presents both a challenge and an opportunity - and deposit price optimisation provides a strong solution. FICO Admin. Tue, 07/02/2019 - 02:45. by Neil Jennings. expand_less Back To Top. Fri, 09/23/2022 - 11:40. Following an unprecedented 10 years of record-low interest rates and multiple false dawns regarding rate increases, the return of inflation has finally

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Connect, Care, Convert: Secrets to Establishing Trust with Niche Markets and Turning Them Into Clients

Speaker: Lynnette Khalfani-Cox, The Money Coach®

Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?

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Daily Digest – September 22. Getting to Know Kristina Hughes of Receive Revenue Recovery; Judge Dismisses Hunstein Case for Lack of Standing

Account Recovery

GETTING TO KNOW KRISTINA HUGHES OF RECEIVE REVENUE RECOVERY Kristina Hughes is the first member of her family to go to college, and now, three short years after joining Receive Revenue Recovery, she has been promoted to VP of Operations. Read on to learn more about Kristina, the situations that turn her into a procrastinator, … The post Daily Digest – September 22.

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4 Non-Investment Questions to Ask an Advisor Before Retiring

Nerd Wallet

The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Using a financial advisor for your investment needs is 100% on brand, but what about the other parts of.

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Aged Account Comes Back to Haunt Collections Firm: Federal District Court Revives Time-Barred FDCPA Claims

Troutman Sanders

A recent federal district court opinion highlights the potential pitfalls associated with renewals of unsatisfied default judgments. The case, Sarah Pitera v. Asset Recovery Group Inc., No. 2:22-cv-00255-TL (W.D. Wash.), serves as a reminder that judgment creditors must still tread carefully when seeking to collect on, or revive, judgments from yesteryear.

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Payments in the business market 2022: heading for a level playing field

On Guard

For consumers, the past ten years have seen a clear shift from cash to debit card payments. The business world, however, has long preferred digital payment flows. But important changes are also taking place here. There are now quite a few companies that have crypto currencies on their balance sheet and payment processes are increasingly being automated.

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ERM Program Fundamentals for Success in the Banking Industry

Speaker: William Hord, Senior VP of Risk & Professional Services

Enterprise Risk Management (ERM) is critical for industry growth in today’s fast-paced and ever-changing risk landscape. When building your ERM program foundation, you need to answer questions like: Do we have robust board and management support? Do we understand and articulate our bank’s risk appetite and how that impacts our business units? How are we measuring and rating our risk impact, likelihood, and controls to mitigate our risk?

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Dismissal of Collection Lawsuit Not Enough for Plaintiff to Pursue FDCPA Suit

Account Recovery

Winning a collection lawsuit because the judge ruled there was not a sufficient chain of custody to prove the account was transferred by the original creditor to the entity purchasing the account is not enough evidence that a juror could use to conclude a false statement was made, ruled a District Court judge in Pennsylvania, … The post Dismissal of Collection Lawsuit Not Enough for Plaintiff to Pursue FDCPA Suit appeared first on AccountsRecovery.net.

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8 Latino Financial Pros on Building Wealth and Knowledge in 2022

Nerd Wallet

Want to build generational wealth? Education is key, financial experts say. Money shouldn’t be a taboo topic for families of color anymore, they add, so communication is vital, too. We asked eight Latino financial professionals for their advice on how to grow wealth, talk to children about finances and start a business — even amid. Benjamin Din writes for NerdWallet.

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CFPB Examines Potential Impact of Rising Car Prices on Consumer Credit

Troutman Sanders

On September 19, the Consumer Financial Protection Bureau (CFPB) released a blog post , exploring the potential relationship between rising car prices and changes in auto loan performance. The CFPB found that the rate of delinquency, especially for low-income borrowers, has risen over the past year. For example, auto loans for consumers with deep subprime credit scores were 2.4% delinquent two quarters after origination, which is a 33% increase from the previous five-year high set in 2020.

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Fighting Fraud with Responsible AI: My Talk with Dr. Scott Zoldi

Fico Collections

Home. Blog. FICO. Fighting Fraud with Responsible AI: My Talk with Dr. Scott Zoldi. FICO fraud expert TJ Horan talks fraud management and responsible AI with FICO's Chief Analytics Officer, Dr. Scott Zoldi. FICO Admin. Thu, 08/22/2019 - 12:37. by TJ Horan. expand_less Back To Top. Tue, 09/20/2022 - 11:50. My colleague Dr. Scott Zoldi , Chief Analytics Officer of FICO, is one of the driving forces of the artificial intelligence (AI) and decisioning technology that powers FICO® Falcon and an entir

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You Put in a Full Work Week. Shouldn’t Your Collections Software Do the Same?

Discover a modern, cloud-based collection system that never takes a rest day. MeridianLink® Collect is an intuitive platform with advanced customization options developed to simplify the collections process. Here are four ways MeridianLink Collect can support your team: Omnichannel communications Compliance rules & checklists Workflows & queues One interface with supporting integrations And that’s just the start.